For a type rating you only typicaly need a private license and instrument rating as a minimum. A class three med means you are private pilot not for hire. Yes it's legal. Obviously a PPL getting insured or through 4 weeks of GIV school is pretty much up against it. But legal yes. Not sure if you can get a VFR only type rating. Keep in mind about insurance...most pilots have never bought insurance, thier boss's do, nor have they shopped, in reality...there will always be a an insurance company will insure anyone legal to fly, as long as the premium justifies the risk in thier eyes.As far as the Bahamas goes, they have all sorts of N registered jets that park there, with no one asking the pilots how they are rated.